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Thousand Oaks Rate Advisory, Home Loans
Wednesday's bond market has opened in negative territory following sizable stock gains. Stocks are rallying with the Dow up 11 points and the Nasdaq up 25 points. The bond market is currently down 9/32, which will likely push this morning's mortgage rates higher by approximately .125 - .250 of a discount point.There is no relevant economic data scheduled for release today. The Labor Department will post weekly unemployment figures tomorrow morning, but unless they show a much higher or lower number they will likely have little impact on mortgage rates. They are expected to show 320,000 new claims were filed. The week's most important news will come Friday morning when the Commerce Department will post July's Durable Goods Orders. This will give us an important measure of manufacturing sector strength. This data tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years. A smaller increase than the expected 1.0% rise would indicate that the manufacturing sector is not as strong as thought. This would be good news for bonds and should lead to lower mortgage rates.Also scheduled for release Friday is July's New Home Sales data. This report is the least important ... more
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